Solicitors Study guides, Class notes & Summaries

2024 Solicitors and Barristers EXAM latest update 2024 FINAL PASS A+ How many barristers are employed by the CPS? - ANSWER3000 What are Barristers referred to as? - ANSWER-'The Bar' What is 'direct access'? - ANSWER-barristers approached directly by a client (this can be in any area of law EXCEPT family or criminal law) What is the 'cab bank rule'? - ANSWER-barristers can't refuse a case if it's in their area of specialism and they're free but can refuse if a barriste...

QUESTION 1A – FSMA REGULATIONS No person may carry on a regulated activity in the UK unless authorised or exempt (s19 FSMA). Need to ensure that the firm is not committing a criminal offence by carrying out a regulated activity without authority pursuant to S 23 FSMA, so we need to consider the effect of FSMA. 1. Are you in Business? a. For an activity to be a regulated activity under FSMA, it must be “carried on by way of business”. As the firm is providing a service for the client,...

FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completio...

This document states the entries needed to be made for every transaction on the solicitors' accounts module on the LPC.

money received for costs in payment of a bill or agreed fee - client or office money? - CORRECT ANSWER-Office Money money received as an advance or on account of costs generally - client or office money? - CORRECT ANSWER-Client Money money received to cover disbursements which have not yet been paid - client or office money? - CORRECT ANSWER-Generally Client Money - limited exception at 12.7(e) - money received for disbursements not yet paid but for which firm has incurred liability eg...

SOLAC SRA Accounts Rules Client Money Client Money Defined in Rule 2.1 as money held or receive by the firm: (a) Relating to regulated services delivered by you [the firm] to a client. (b) On behalf of a third party in relation to regulated services delivered by you (incl stakeholder). (c) As a trustee or as the holder of a specified office or appointment. (d) In respect of your fees and any unpaid disbursements if held or received prior to delivery of a bill for the same. (but note: o...

SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST Butterberry Limited is a company making yoghurts and other dairy products. It has been in existence for 12 years and has four shareholders who are also the four directors of the company. It has outgrown its existing premises and needs to move to a larger factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick and An...

Summary SQE Notes Solicitors' Accounts Notes 2022/2023

FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completio...

CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXAM Inherent risk differs from detection risk in that inherent risk: A. arises from the misapplication of auditing procedures. B. may be assessed in either quantitative or non-quantitative terms. C. exists independently of the financial report audit. D. can be changed at the auditor's discretion. - CORRECT ANSWER-C Which of the following would not increase inherent risk? A. Introduction of a performance-based management ...